Bega Buys Kirin’s Australian Drinks Asset to End Hunt for Buyer

Bega Cheese Ltd. agreed to pay A$560 million ($412 million) for Kirin Holdings Co.’s Australian dairy and drinks business, gaining a suite of brands including Yoplait yogurt and Pura cream.

Bega will partly fund the acquisition with a A$401 million rights offer and stock placement, the company said Thursday.

The sale of the business by Japan’s Kirin had been blighted by politics. China Mengniu Dairy Co. in August scrapped a plan to buy the division after being told the deal would likely be blocked amid strained relations between Australia and China.

The Bega deal extends the Australian company’s push ...